The Governor of the Central Bank of Yemen in the capital, Aden, issued a decision today, Wednesday, regarding practicing internal financial transfer activity.

The first article of Resolution No. 23 of 2024 stipulated the complete and final cessation of work on local money transfer networks owned by banks, or exchange companies and establishments operating in the Republic.

The second paragraph of Article One stressed that the concerned banks, banks and exchange companies must liquidate the pending transactions in their remittance networks within a period of fifteen days from the date specified in Article 2 of this decision.

As for the third paragraph of the same article, it stipulates: “With regard to unpaid financial transfers that have not been delivered to their owners, a report must be submitted regarding them to the Central Bank of Yemen, head office - Aden, attaching to it the detailed data and information related to those transfers, within a period not exceeding twenty years.” days from the specified date

The second article of the decision stipulates that all exchange companies, establishments and remittance agents must commit to implementing all new local money transfers carried out in cash exclusively through the Unified Network for Money Transfers (UNMONEY) as of the date of issuance of the decision. Networks owned by banks are excluded from immediate implementation and continue to implement transfers. Local, alongside the unified network for financial transfers until July 30, 2024.

It is prohibited to carry out any internal financial transfer operations in cash, whether for sending or receiving by any other means or method, with the exception of electronic wallets and licensed payment service providers, within the limits of the approved ceilings in accordance with the instructions regulating that.

While Article Three indicated that the work of the unified remittance network is subject to the control and supervision of the Central Bank within the limits of applicable laws, relevant decisions, and regulatory and supervisory procedures decided by the Bank, stressing the need for banks, banking companies, and exchange establishments to provide data, periodic reports, records, and statistics that the Bank deems appropriate. Central and in the time and form and in the manner determined by it.

The decision warned in its fourth article that the Central Bank would take all necessary legal measures, including withdrawing the license, stopping activity, and applying appropriate financial fines against banks, banks, exchange companies and establishments, and remittance agents that violate this decision or the instructions implemented or issued pursuant to it.